28 October 2025 | 4:20PM EDT Equity Research Seagate Technology (STX): First Take: Strong beat-and-raise quarter should send shares higher Key stock takeaways: We expect the stock to trade higher following a quarter which was above the Street, with stronger EPS guidance primarily driven by pricing. We believe investor expectations were elevated given growing confidence in continued pricing momentum as HDD shortages persist. We expect investors to focus on critical elements of management's commentary on the ...

Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Omnivision's 3Q25 revenue was in line with MSe. Auto CIS and emerging markets showed strong momentum, while new smartphone CIS could support revenue growth in 2026. Keep OW. Slight EPS miss for 3Q25: Omnivision reported 3Q25 revenue of Rmb7.83bn, up 5% Q/Q and 15% Y/Y, in line with MSe of Rmb8bn. Q3 revenue rea ...

Summary of Conference Call on Greater China Semiconductors Industry Overview - The semiconductor industry in Greater China is experiencing a price hike due to strong demand for AI semiconductors and some recovery in general servers and niche memory [2][12] - The overall industry view has been upgraded to "attractive" due to robust AI demand [2][12] Key Companies Discussed - **ASE Technology Holding Co. Ltd. (ASE)**: Price target raised to NT$228, reflecting strong demand for CoWoS (Chip on Wafer on Substrate) and better pricing power [4][34] - **King Yuan Electronics Co. Ltd. (KYEC)**: Price target raised to NT$218, benefiting from AI GPU demand and share gains in chip probing and ASIC testing [4][22] - **MediaTek**: Mentioned as a potential victim of the price hikes in the semiconductor supply chain [1] Core Insights - **Price Increases**: - Advanced packaging prices are expected to rise by 5-10% in 2026, marking the first price upcycle since the COVID-19 chip shortage [3][12] - TSMC has finalized a wafer price hike of 3-5% for 2026, indicating improved pricing power among leading-edge foundry and memory vendors [2][12] - **Capacity Constraints**: - ASE and KYEC are facing tight capacity, leading to a shift from lower-margin products to AI-related products [3][15] - ASE's CoWoS capacity is nearly fully utilized, with expectations to double by 2026 due to overflow demand from TSMC [20][34] - **Material Cost Inflation**: Rising costs for materials such as gold, copper, and BT substrate are contributing to the price hikes [3] Financial Performance and Projections - **ASE's 3Q25 Results**: Preliminary revenue is expected to be up 12% Q/Q, driven by better FX and higher utilization rates [34] - **KYEC's Revenue Expectations**: Anticipated revenue growth in low-teens Q/Q for 4Q25, supported by strong AI demand [27][35] - **Earnings Estimates**: - EPS estimates for ASE have been raised to NT$2.46 for 3Q25, higher than consensus estimates [34] - EPS for KYEC is expected to maintain flattish capex for 2026, reflecting strong demand [27] Market Dynamics - **Competitive Landscape**: - JCET is underperforming due to lower fab utilization and intense competition in the China market [5][22] - ASE and KYEC are recommended for investment ahead of earnings due to their strong market positions and upcoming price hikes [4][16] Additional Insights - **Capex Trends**: KYEC's capex for 2026 has been raised from NT$15 billion to NT$37 billion to reflect strong demand [26] - **Testing Revenue**: KYEC is rejecting some lower-margin memory testing orders due to supply tightness, focusing instead on higher-margin AI-related testing [27][31] This summary encapsulates the key points from the conference call regarding the Greater China semiconductor industry, highlighting the significant trends, company performances, and market dynamics.

October 28, 2025 03:47 PM GMT GigaDevice Semiconductor Beijing Inc | Asia Pacific 3Q beat with strong outlook; OW Reaction to earnings M Update Morgan Stanley Taiwan Limited+ Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com +886 2 2730-2863 Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com +886 2 2730-1725 Morgan Stanley Asia Limited+ Strengthens our thesis Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EP ...

28 October 2025 | 7:14PM EDT Equity Research Nvidia Corp. (NVDA): Key takeaways from GTC Washington DC keynote Nvidia's CEO Jensen Huang presented a keynote address at the company's GTC Washington DC industry event on October 28. Although management made a number of announcements with partnerships across different industries (more details below), what stood out to us was comments on the company's revenue visibility to $500bn in cumulative Datacenter revenue in 2025-26. This $500bn revenue estimate is 10% /1 ...

截至2025年10月29日 10:11，上证科创板芯片指数下跌0.14%。成分股方面涨跌互现，佰维存储领涨9.48%，中船特气上涨6.80%，思瑞浦上涨5.18%；安集科 技领跌，源杰科技、南芯科技跟跌。科创芯片ETF(588200)调整蓄势。 流动性方面，科创芯片ETF盘中换手3.35%，成交14.14亿元。规模方面，科创芯片ETF近1周规模增长22.03亿元，实现显著增长，新增规模位居可比基金第 一。份额方面，科创芯片ETF近1周份额增长1200.00万份，新增份额位居可比基金第一。 资金流入方面，拉长时间看，科创芯片ETF近5个交易日内，合计"吸金"2.76亿元。 截至10月28日，科创芯片ETF近3年净值上涨136.21%，指数股票型基金排名27/1903，居于前1.42%。从收益能力看，截至2025年10月28日，科创芯片ETF自 成立以来，最高单月回报为35.07%，最长连涨月数为4个月，最长连涨涨幅为74.17%，上涨月份平均收益率为9.90%。 数据显示，截至2025年9月30日，上证科创板芯片指数前十大权重股分别为海光信息、澜起科技、中芯国际、寒武纪、中微公司、芯原股份、华虹公司、沪 硅产业 ...

Core Insights - Huang Renxun's keynote at the GTC conference highlighted significant advancements in AI and technology, marking the beginning of "Computing Revolution 2.0" for NVIDIA, which saw its market value approach $5 trillion after a 5% increase in stock price [2][3][12]. Group 1: Strategic Partnerships and Collaborations - NVIDIA announced a $1 billion equity investment in collaboration with Nokia to develop a 6G AI platform, alongside partnerships with T-Mobile and Cisco for the first 6G AI-native wireless stack in the U.S. [5][6]. - The company is working with the U.S. Department of Energy to build seven supercomputers, including the largest AI supercomputer for the department, equipped with 100,000 NVIDIA Blackwell GPUs [9][10]. Group 2: Technological Innovations - NVIDIA introduced NVQLink technology to connect quantum processors with GPU supercomputers, gaining support from 17 quantum processor manufacturers and 5 controller manufacturers [7][8]. - The company unveiled the BlueField-4 data processing chip and the industrial-grade edge AI platform IGX Thor, significantly enhancing processing capabilities [11]. Group 3: AI Market Outlook - Huang Renxun refuted claims of an AI bubble, asserting that the demand for NVIDIA GPUs remains strong, with 6 million Blackwell architecture GPUs shipped in the past four quarters [12][14]. - The anticipated sales for Blackwell and the upcoming Rubin chip are projected to reach $500 billion [15]. Group 4: Future Developments - NVIDIA's roadmap includes the production of the fastest AI chip, Blackwell, in Arizona, marking a significant milestone in U.S. manufacturing [18][19]. - The next-generation Vera Rubin super GPU has completed lab testing and is expected to enter mass production soon, designed for both AI and scientific tasks [20].

（文章来源：21世纪经济报道） 10月29日，A股三大指数集体高开，PCB概念涨幅居前。相关ETF中，科创板人工智能ETF（588930） 盘中一度0.30%，截至发稿回调下跌，成交额超6000万元；成分股中，澜起科技涨超3%，寒武纪-U、 萤石网络、中科星图等个股跟涨。 科创板人工智能ETF（588930）紧密跟踪上证科创板人工智能指数（950180.CSI）。该指数从科创板市 场中选取30只市值较大且业务涉及为人工智能提供基础资源、技术以及应用支持的上市公司证券作为指 数样本，以反映科创板市场代表性人工智能产业上市公司证券的整体表现。 消息面上，据每日经济新闻，北京时间10月29日凌晨英伟达举办GTC大会，CEO黄仁勋展望AI产业， 演讲涉猎广泛。会上，英伟达公布多项进展，包括芯片出货、产能扩张迅猛，与诺基亚等合作布局6G 网络，展示NVQLink技术，推出BlueField-4，还宣布在自动驾驶、AI网络安全等多领域合作及新平台发 布。 此外，PCB概念股生益电子昨日公告三季度业绩，公司前三季度营收为68.29亿元，同比增长114.79%； 净利润为11.15亿元，同比增长497.61%。此前生益科技、 ...

格隆汇10月29日｜英伟达(NVDA.US)在目前的美股夜盘交易中快速拉升，一度涨超3%报207.4美元，再 创历史新高价，开盘市值有望突破5万亿美金。据媒体消息，特朗普表示可能会与中国讨论英伟达的 Blackwell芯片。 ...

10月29日，A股三大指数集体高开，电子板块表现强势。 华西证券表示，全球存储芯片市场正加速步入一个"超级周期"，多家厂商上调价格，涨价热潮或进一步 加剧。此外，外部压力正转化为内部创新动力，推动中国在关键科技领域走向自主可控与产业升级。 相关ETF中，截至发稿，芯片ETF天弘（159310）涨0.54%，成分股中，佰维存储、江波龙、景嘉微等 股走强。此外，电子ETF（159997）涨1.60%，成交额超1200万元，成分股中，生益电子涨、三环集团 超11%，工业富联、景旺电子等股领涨。。 国投证券表示，人工智能引发的内存"超级周期"正全面加速，迫使全球主要供应商大幅提价，并推动客 户争相锁定长期供应，以应对日益加剧的短缺风险。 Wind金融终端数据显示，电子ETF（159997）昨日获960万元资金净流入；截至10月20日，该ETF年内 涨幅达42.51%。 芯片ETF天弘（159310，场外C类012553）跟踪中证芯片产业指数。wind金融终端显示，该标的指数 2025年H1归母净利润同比增长37.62%。从板块整体来看，在AI周期与自主创新背景下，科创芯片板块 存在高成长、高弹性的特征。国金证券表示， ...